Global oil prices have climbed back above $100 a barrel, with Brent trading above $101 on September 10, according to Investing.com, up from an average of around $97 on September 8, infohub.kz reports.
The surge follows another escalation in the military conflict in the Middle East. Experts believe traders are bracing for deeper disruptions to oil supplies after Iran and the United States launched their largest attacks on shipping since the six-month conflict began.
On September 9, the United States said it destroyed five Iranian oil tankers after the Islamic Revolutionary Guard Corps (IRGC) attacked a US warship. In response, the IRGC struck two American vessels and eight tankers near the Strait of Hormuz.
As a result, Brent prices have risen nearly 30% since early August after the US and Iran failed to reach a lasting agreement to halt attacks, and fighting resumed late last month.
Meanwhile, high oil prices could be partly beneficial for Kazakhstan. As Kazinform news agency reported, the head of the National Bank earlier noted that high oil prices bring in greater foreign currency earnings, which flow into the domestic market and support the tenge exchange rate.
At the same time, experts have warned that the tenge is influenced not only by expensive oil but also by external borrowing and the price of gold.